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Vermillion's Q4 Loss Widens, Revenues Fall in Anticipation of Dx Launch

NEW YORK (GenomeWeb News) – Vermillion yesterday reported minimal revenues for the fourth quarter of 2007, accompanied by a wider net loss, as it continues to take steps to launch its first diagnostic tests later this year.
 
Vermillion reiterated in its financial report that it “anticipates no major revenue until its diagnostic tests are commercialized” due to the sale of its proteomics tools business to Bio-Rad in November 2006.  
 
As a result, the company’s service revenue fell to $23,000 for the three-month period ended Dec. 31, 2007, from $1.2 million in the fourth quarter of 2006.  
 
Fourth-quarter net loss rose to $3.3 million, or $0.52 per share, from $1.9 million, or $0.49 per share, in the comparable period of 2006. The loss per share for both quarters has been adjusted for a 1-for-10 reverse stock split that became effective at the close of trading on March 3.
 
R&D spending fell 29 percent to $1.9 million from $2.7 million in the fourth quarter of 2006 while SG&A costs decreased to $3 million from $5 million in the prior-year period, largely due to the sale of the instrument business.
 
For full-year 2007, revenues fell to $44,000 from $18.2 million in 2006.
 
Full-year net loss narrowed to $21.3 million, or $4.47 per share, compared to $22.1 million, or $6.05 per share, in 2006.
 
As of Dec. 31, 2007, the company held cash, short- and long-term investments of $20.4 million of which $7.6 million was cash and cash equivalents.
 
Vermillion said in a statement that it “continues to prudently manage expenses and cash utilization.”
 
The company said that its “primary goal” for 2008 will be to commercialize its diagnostic tests through collaborations with Quest Diagnostics and other partners in oncology, cardiology and hematology.
 
Vermillion said it expects to report top-line data from an ovarian tumor triage clinical trial later this quarter and submit its ovarian cancer diagnostic to the US Food and Drug Administration for clearance as an in vitro diagnostic test in the first half of the year.

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